Monday, June 11th, 2018


Tata Steel Europe workers question rationale of Thyssenkrupp tie-up

DUESSELDORF, June 11 — Tata Steel’s European works council said it is unconvinced by a planned joint venture with Thyssenkrupp, raising the chances that the deal will be delayed or even fail in its current form. The remarks deal a fresh blow to…

Shock manufacturing slide casts doubt on UK economy’s bounceback

LONDON, June 11 — British factories had their worst month in five-and-a-half years in April, suggesting the economy’s weak start to 2018 has persisted and lowering the likelihood of the Bank of England raising interest rates again anytime soon….

Rolls-Royce, preparing to cut thousands of jobs, says engine problem has spread

LONDON , June 11 — Britain’s Rolls-Royce said a costly compressor problem that had grounded Boeing planes had now been found in a different type of engine, compounding pressures on a group that is due to cut more than 4,000 jobs this week….

US sanctions Russian firms for energy grid cyberattack

WASHINGTON, June 11 — The US imposed new sanctions today on Russian firms and individuals for helping the country’s state security service conduct cyberattacks targeting the American energy grid and other key infrastructure. Russian hackers…

Norway says US is losing global sway as trade dispute grows

OSLO, June 11 — Searching for a bright spot in the escalating trade dispute emanating from the US, Norway’s prime minister said the world’s biggest economy just isn’t as important anymore. “It’s important to remember that the US isn’t…

US slaps more sanctions on Russians over hacking

WASHINGTON, June 11 — The US Treasury sanctioned three Russian individuals and five entities today over malicious cyber activities including providing material and technological support to Russia’s intelligence service, according to a statement….

Norwegian Air says Roll-Royce engine problem a concern

OSLO, June 11 — Europe’s third biggest budget airliner Norwegian Air said today that summer traffic is running well but expressed concern about Rolls-Royce engine problems. In 2018, Norwegian Air expects delivery of 11 new Boeing 787 Dreamliner…

US stocks edge up ahead of Fed meeting, North Korea summit

NEW YORK, June 11 — Wall Street stocks were slightly higher early today following the acrimonious Group of Seven weekend summit and ahead of key central bank announcements and tomorrow’s US-North Korea summit. About 10 minutes into trading, the…

HSBC says US unit among `most challenging’ parts in strategy

LONDON, June 11 — Fixing HSBC Holdings Plc’s troubled US division will be one of the “most challenging” parts of the lender’s new US$17 billion strategy, Chief Executive Officer John Flint said. The London-based bank mulled scaling back…

SST to boost purchasing power of Malaysians: Expert

PETALING JAYA: The purchasing power of Malaysians will be boosted with the re-introduction of the Sales and Services Tax (SST) in September, said KPMG Tax Services Sdn Bhd Indirect Tax Advisor Datuk Tan Sim Kiat.

He said the SST was a single level tax compared with the just zero-rated Goods and Services Tax (GST) which was charged at every stage of business transaction.

“A single level tax will put less burden on consumers and boost spending power further although the government might be on the losing end by foregoing extra revenue under the GST regime,” he told a press conference today after a briefing by KPMG and the Royal Customs Malaysian Department to business owners on how to file their taxes after the GST was zero-rated on June 1.

Last year, the government collected about RM44 billion in revenue from the implementation of the GST and with the SST in the pipeline, the government was only expected to accrue approximately RM30 billion in revenue, annually.

However, to date, how the SST mechanism would be implemented is still unknown as studies are still being conducted by the Finance Ministry and its related agencies.

The reimplementation of SST would also have to be tabled and passed in the July sitting of the Parliament, which would also repeal the GST Act 2014.

Tan also said the SST was a simpler and better tax model for Malaysia’s current economic situation.

“Prices will drop. However, there are various factors that cause prices of goods to go up. Consumers need to understand that SST will only apply to manufacturing and services industries. It will not affect everyone, compared with the GST which is broad-based,” he said. – Bernama